Bond Pricing — Quick Guide
Wand A — Zero‑Coupon 
- No coupons. One payment at maturity (FV).
- Discount that payment back to today.
P = FV / (1 + y)^Ny = YTM/m; N = m × years.
Wand B — Coupon 
- m payments per year (1, 2, 4, or 12).
- Per‑period coupon CPN = coupon rate × FV / m.
- Price = value of coupon stream + value of FV.
P = CPN × ((1 − 1/(1+y)^N)/y) + FV/(1+y)^Ny = YTM/m; N = m × years.
Timeline demo (semiannual, 2 years): CPN = 11, FV = 100
11
t1
11
t2
11
t3
11
t4
11 + FV
maturity
Each tick is one period. Here m=2 (semiannual), so N = m×years = 4 periods.